SMEs will see a bright future

Hong Kong businesses are exposed to higher credit risks in foreign trade as they put less awareness on the importance of credit risk management.

Obviously, Hong Kong enterprises are mostly small- and medium- sized, which usually don’t have enough resources to set up credit procedures and rely on bosses to make credit decisions.

Some HK companies choose to take the risk themselves because export credit insurances, which are usually expensive for them.

With more support measures from the government recently to help them ease premium burden, more enterprises have bought export credit insurances in HK.

To help SMEs go through tough export situation following Europe’s sovereign debt crisis, the Hong Kong Export Credit Insurance, with full government support, has introduced new terms in their insurance policy since February this year, including special concessions for SMEs.

Hong Kong enterprises have undergone a difficult time since 2010, as the global economy worsens amid the European debt crisis and a slowdown in advanced economies.

B2B e-business platforms have emerged in China in recent years, many SMEs and international buyers have found their business partners on the portal.

IBUonline has offered integrated services for foreign trade participants, including logistics service, online payment service, foreign trade service, and global exhibition, etc.